No matter how advanced medical technology gets, the reality is that all people are going to eventually die. While no one likes to think of their own mortality, the more prepared you are, the happier your family is after you are gone. A will allows you to appoint an executor to pass out your belongings and give guardianship to any minors living in your home. Simply put, a will is a huge protection for your family.
End-of-life planning and drafting a will
Thinking about the future is not always an easy task for Michigan residents. This is especially true for those considering the sensitive topic of end-of-life planning. While it is not an easy conversation to begin or a pleasant process to go through, drafting a will is often an important step for individuals to take in order to ensure their wishes are followed in the event of death or incapacitation.
How having a power of attorney helps Michigan residents
Many residents of Oakland County as well as those throughout the Detroit metro area may have heard of a power of attorney, but not every may have one or see even how they can benefit by signing such a document.
How to choose the right power of attorney
When you are working on your estate planning, it is important to choose the right power of attorney. The power of attorney's job and responsibility is to work on your behalf and make every effort to know you well enough to make decisions that you would have made, if you are in a condition where you cannot communicate or make your wishes known. This is especially important in terms of your living will, which documents your health care wishes if you become incapacitated.
When is it a good time to draft a power of attorney?
There are certain points in time where it is clear that an individual should take certain steps in life. But unlike some things that have defined ages, such as getting a driver's licenses and or when a couple can get married, drafting estate plan is much different. While some documents can come into play no matter what phase of life an individual in Michigan or elsewhere is in, others are more complex and more appropriate later in life or when the health of an individual is in question.
What is required for a valid will?
If you want your property to be distributed in any particular way after you die, it is essential to make a proper will. In the absence of a will, the court will distribute your property based on your state's intestacy laws, and there will be nothing your heirs can do about it, even if they know your real intentions.
Revocable trusts and common misperceptions of asset protection
The estate planning process is not an unknown activity for most Michigan residents; however, some individuals and families do not always incorporate certain components in his or her estate plan. Even more so, some individuals do not use specific legal documents, such as trusts, for the right reasons. Take, for example, a revocable trust. Many incorporate these in their estate plan as a means to avoid probate; however, many are not aware of their abilities and inabilities to protect assets.
Helping you develop a living trust
Planning for the future is an important step that can only benefit residents in Michigan and elsewhere. While it is often difficult to think about the many what-ifs the future can hold, there are some crucial life decisions to consider. Drafting a trust may not be on everyone's plan, but for some individuals, it can be one of the most important steps he or she took.
